EURAUD has been one of our favorite Forex market for swing trading. That success has continued into October, as we’re up over 200 pips in the first few days of trading. You’ve seen me post previously on this market and I like to trade this market using a 4 hour chart. 4 hour charts are ideal for swing trading.
What’s swing trading? Well, rather than having to monitor every tick and every move like when you day trade, you can trade the EURAUD with this swing trading trade plan by just checking on the market infrequently. Once there’s a trade set-up, we place the entry order, along with the stop and target. If the trade executes at your broker the profit target and protective stop go live.
After that all we have to do is monitor the trade on occasion. Ideally we get the opportunity like you see below (the bigger red dot trailing behind the price action) where we can start raising the stop, reducing the risk and actually locking in profits. Nothing beats a free trade or one better, a trade that is open and already guaranteed a profit.
Many people think EURUSD or GBPUSD when it comes to forex trading. The surprise are sometimes the easier trades come from unexpected currency pairs. EURAUD would just one of those pairs.